Vietnam Daily Market Recap June 10, 2022

Market commentary: Today’s session was marked by the market’s inability to find its footing

The selling pressure rapidly escalated across the market in the afternoon session, with a particular emphasis on sectors that have lately had strong profitability, pushing VN-Index down 23.7pts to 1,284.10pts. US stocks and government bonds dropped on Thursday ahead of consumer price data Friday, which will inform the Federal Reserve at its policy-setting meeting next week, VN-Inde opened negative with a gap of 9.0pts. Following the unfavorable initial minutes, capital flow quickly joined and focused on Banking, Finance, and Materials, and assisted the market in gradually recovering. The index moved back into green hue, but then further selling soon thereafter brought the market down to the crucial support level of 1,300.0pts just as the morning trading session was about to come to a close. Following experiencing some less than favorable market movement in the morning, the index continued to struggle around the key support level of 1,300.0pts. Subsequently, a sharp selling impulse was sparked in recent strong gainers such as Fertilizers, Oil & Gas, Aquaculture. The pressure eventually expanded to other sectors, and there was a sell-off in several groups, which caused the VN-Index to breach through the support level of 1,300.0pts and drop vertically into bearish territory before the ATC session began. Compared to the previous session, liquidity increased by around 30%, notably in the last minutes when the panic selling occurred. GAS (-6.9%) alone took away 4.4pts from the Index, followed by GVR (-4.9%), FPT (-4.6%), BID (-2.0%), CTG (-2.2%), VPB (-1.9%). On the other side, the gainers had negligible effect, TCB (+1.5%), NVL (+0.6%), GEX (+2.1%), KBC (+1.6%), ITA (+2.9%) only contributed 1.1pts to the market. At the end of the session, the VN-INDEX plumped considerabaly 1.8% to 1,284.1pts, and the HNX-INDEX decreased 2.0% to 306.4pts.

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